GUELPH, Ont. – Linamar Corporation (TSX:LNR), Canada’s second-biggest auto parts maker, reports its net profits in the second quarter rose nearly 12 per cent on a sharp jump in sales.
The Guelph, Ont. company said late Wednesday it earned $28 million or 43 cents a share for the quarter ended June 30.
That was up from $25.1 million or 39 cents a year ago.
Sales in the quarter jumped to $742.7 million from $568.4 million.
Linamar said its operating earnings rose slightly to $43.8 million from $42.2 million.
“We are extremely pleased with our second quarter results which are driving us towards a record year in 2011,” Linamar CEO Linda Hasenfratz said in an earnings report after stock markets closed.
“Sales and earnings are up substantially again in double digits despite flat global vehicle markets, content per vehicle is growing in every global centre and we continue to see great opportunities in the vehicle market place as evidenced by our considerable launch book that just keeps growing.”
Hasenfratz added that Linamar is also happy to see its Skyjack industrial equipment company “reach a profitable position after a long period of losses.”
Linamar makes highly engineered modules and components for engine, transmission and driveline systems for the global auto market as well as parts for other industrial sectors.
The company has 14,900 employees and plants and research centres in North America, Europe and Asia.
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